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Commercial insurance rates edged up in the third quarter of 2018, with commercial auto rates continuing to see the steepest average increases, according to Willis Towers Watson PLC’s commercial lines insurance pricing survey.
U.S. commercial insurance rates increased more than 2% in the third quarter, the brokerage said Monday. The third-quarter rate hike follows a more than 2% increase in the second quarter, according to Willis Towers Watson.
Commercial auto rates, a line where insurers have reported significant claims activity for the past several years, saw near double-digit increases for the fourth consecutive quarter, according to the survey.
Workers compensation rates continued to the decrease, Willis Towers Watson said.
Last month, the Council of Insurance Agents and Brokers said in its quarterly pricing survey that rates increased by 1.6% on average in the third quarter of 2018.
All lines of business except for workers compensation saw increases in premium pricing during the third quarter, according to The Council of Insurance Agents and Brokers’ quarterly commercial property/casualty market index survey, the organization said Thursday.